The Central Bank of Nigeria (CBN) has launched a countdown clock showing when the old naira would stop being a legal tender.
The countdown clock is visible on the home page of the CBN’s website and it shows January 31, 2023, as the deadline for the N200, N500, and N1,000 notes to “remain legal tenders.”
The CBN has directed commercial banks in the country to remain open on Saturdays until January 31, 2023, to allow bank customers to exchange old naira notes for new ones
Godwin Emefiele, the governor of the Central Bank of Nigeria, had claimed that people were hoarding naira notes. Statistics showed that more than 80% of the currency in circulation was not kept in commercial banks’ vaults.